EXHIBIT 6.41
SHORT FORM LOAN AGREEMENT
As of August 18, 2000
This Short Form Loan Agreement shall set forth the terms of repayment to the
loan given to Xxx Xxxx ("Xxxx") by Total Film Group ("TFG"), as more fully
defined below:
A. LOAN AGREEMENT
TFG has previously agreed to loan to Xxxx the amount of Seventy Eight
Thousand Eight Hundred Ninety Five Dollars (US$78,895) ("Xxxx Loan") as
evidenced in Schedule "A" (hereto attached) (receipt of which is hereby
acknowledged by Xxxx), repayable by Xxxx as set forth in Clause B.
B. REPAYMENT
Xxxx shall make repayment of the Xxxx Loan to TFG, either in installments,
or in a lump sum, on or before June 30, 2002. There shall be no extensions
to this date without the explicit written agreement by the CEO of TGF. Xxxx
is solely responsible for repayment of the Xxxx Loan. This loan will accrue
interest at an annual rate of 8% per annum. Xxxx shall pay the interest
owed on a monthly basis.
C. COLLATERAL
As collateral and in consideration of TFG making the Xxxx Loan to Xxxx,
Xxxx does hereby pledge to TFG as collateral for the Xxxx Loan, Fifty
Thousand (50,000) of common shares of the company Total Film Group, Inc.,
which are fully owned by Xxxx, and as of January 2000, will be unrestricted
for sale or transfer to any third party. In the event that Xxxx does not
make repayment of the Xxxx Loan, pursuant to Clause B, above, Xxxx shall
immediately transfer to TFG said shares of stock as of July 1, 2002.
D. ATTORNEY IN FACT
Pursuant to Clause C, above, Xxxx and TFG agree to execute any and all
documents necessary to effectuate the transfer of the collateral shares to
TFG in the event that the conditions of repayment as set forth in Clause B
are not met. Xxxx does hereby appoint TFG as his Attorney in Fact to sign
any and all documents necessary to effectuate any such transfer of stock to
TFG pursuant to this Letter Loan Agreement.
E. HEADINGS
The headings to the Clauses as used herein do not form part of and shall
not be read into the construction of this Short Form Loan Agreement.
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Xxxx Loan
If the above accurately sets forth your understanding, please indicate by
signing in the space provided below.
Agreed to and Accepted:
TOTAL FILM GROUP ("TFG") XXX XXXX ("XXXX")
By /s/ Xxxxxx Xxxxx /s/ Xxx Xxxx
Its: President
Schedule A
XXX XXXX LOAN SUMMARY
Payments made Balance due
By TFG as of after
17-Aug-00 17-Aug-00
------------- -----------
Personal Loans/Taxes 26,700 2,211
Xxx Xxxx Group: EDD 35,147 *
Xxx Xxxx Group: Payroll Taxes
contracted future obligations 30,000 9,837
Xxx Xxxx Group: Stat House
contracted future obligations 40,000 10,000
--------- ---------
Subtotal $ 131,847 $ 22,048
Total $ 153,895
Amount forgiven by TFG $ (75,000)
---------
Total Due for Repayment $ 78,895
